Review: Microeconomics - Econ Test #2

______ protect consumers by providing product information, alert them to safety concerns, or unfair business practices.

Where goods and services are illegally bought and sold in violation of price controls or rationing.

What changes for a producer when it reaches the “break-even point”?

Which of the following most resembles a perfectly competitive market?

These laws promote competitive markets by regulating illegal monopolization and unreasonable restraints on trade.

The pricing of goods/services at such a low level that other suppliers cannot compete & are forced to leave the market.

“__________ demand” means there is a substantial change in quantity demanded when another economic factor changes.

In a/an ____________ market, there are only a few sellers for one market.

The removal of some government controls over a market

_____ is the income the business receives from selling a product.

A _____________ occurs when consumers are willing to buy different amounts of a product at every price.

_________ is both the quantity of a product, & the willingness/ability of producers to offer goods & services for sale.

“Fixed Costs” are costs that don’t change with the amount produced, & “____ costs” change with the amount produced.

Our government evaluates & approves/disapproves a ________ which is the joining of two firms to form a single company.

A "Minimum Wage" is an example of a _______ because it is the legal minimum amount an employer may pay their employees.

A _____________ is market structure where is single seller of a market with no substitutions.

The people, places, and consumers where an industry plans to sell its goods.

ALL of the following are examples of “Variable Costs” except:

______ is the study of economic behaviors & decisions of individuals & businesses.

The desire to have some good or service and the ability to pay for it.

______ are financial motivations for people to take certain actions.

A system in which the government allocates goods and services using factors other than price.

Aside from turning to the Black Market, how do consumers make up for goods that are rationed?

What does NOT determine the suppliers' willingness to bring something to market?

This economic principle states: at a higher price, consumers will demand a lower quantity of goods.